Sensex, Nifty end flat; Induslnd Bank posts 21.1% net profit

The PSU disinvestment drive for the current fiscal took off successfully today, with NALCO's share sale oversubscribed 1.63 times by institutional buyers.

However, the Nalco scrip touched a low of Rs 67.75, down 7.76 per cent over previous close on the BSE.Of its total holding of 74.58 per cent in Nalco, the government is selling 5 per cent or over 9.66 crore shares at a floor price of Rs 67.

The two-day stake sale could fetch about Rs 640 crore to the exchequer.National Aluminium Company Ltd (Nalco) is the first disinvestment of the current fiscal, which began on April 1.

3.32 PM:

Leading text book publisher S Chand and Company today fixed a price band of Rs 660 670 per shares for its initial public offering opening on April 26.

The IPO comprises fresh issuance of shares worth Rs 325 crore and an offer for sale of 6,023,236 scrips by the existing shareholders, the company said in a statement.

At the upper end of the price band, the public issue is expected to fetch Rs 728.55 crore.

The initial public offer (IPO) is scheduled to open on April 26 and close on April 28.

Proceeds from the issue will be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.

3.30 PM:

CLOSING BELL

Market ends flat.

BSE Sensex settles the day at 29,336.57, up 17.47 points (0.06%)

Nifty50 ends at 9,103.50. down 1.65 points. (0.02%)

3.21 PM:

INDUSLND BANK Q4 RESULTS

Private sector IndusInd Bank's net profit grew 21.1 per cent to Rs 751.61 crore for the last quarter ended March of fiscal 2016-17.

The bank had registered a net profit of Rs 620.35 crore in the corresponding January-March period of the previous fiscal of 2015-16.

Total income of the bank was up 22.4 per cent to Rs 5,041.31 crore in the fourth quarter of last fiscal as against Rs 4,120.16 crore in the similar period a year ago, the bank said in a regulatory filing.

The bank's gross non-performing assets (NPAs) or bad loans were 0.93 per cent of gross advances as on March 31, 2017, slightly up from 0.87 per cent a year ago.

Net NPAs were 0.39 per cent of the net advances at the end of March, as against 0.36 per cent a year earlier, the bank said.

The bank parked Rs 430.13 crore towards provision and contingencies during the last quarter, almost double from Rs 213.66 crore a year ago.

For the full financial year 2016-17, IndusInd Bank reported an increase of 25.4 per cent in its net profit at Rs 2,867.89 crore as against Rs 2,286.45 crore.

Likewise, total income during the year grew to Rs 18,577.16 crore, rising 22.5 per cent from Rs 15,168.69 crore.

IndusInd Bank said its board has recommended a dividend of Rs 6 per equity share for 2016-17.

Stock of the bank were trading 0.95 per cent down at Rs 1,418.20 on BSE in the afternoon.

3.09 PM:

Drug firm Aurobindo Pharma today said the US health regulator has issued six observations for its Unit III formulations facility in Hyderabad.

The United States Food and Drug Administration (USFDA) had conducted an inspection at the company's Unit III, a formulations manufacturing facility at Bachupally, Hyderabad from April 10, 2017 to April 18, 2017, Aurobindo Pharma said in a filing to BSE.

"At the end of the inspection, we have been issued a Form 483 with 6 observations. The observations are all on procedural improvements," it added.

12.56 PM:

BUZZING STOCKS

National Aluminium Company (Nalco) dipped 7.15 per cent to Rs 68.20 on BSE after the government stake sale of up to 10 per cent in the aluminium company through an offer for sale (OFS), which begins today.

Shares of IT major TCS today fell by over 2 per cent after the company's March quarter numbers came in lower than estimates.

After making a weak opening, the stock of the country's largest software firm further fell by 2.32 per cent to Rs 2,255 on the BSE.

On the NSE, it slumped 2.42 per cent to Rs 2,252.80.

Shares of Jain Irrigation Systems surged over 9 per cent to Rs 108.80 on the BSE after the company announced that it will accquire 80 per cent stake in in America's largest micro irrigation dealers - Agri-Vally Irrigation (AVI) & Irrigation Design and Construction, Inc. (IDC).

"A broader range for nifty is at 9090 - 9300. So a close below 9090 in coming session will further trigger selling pressure keeping bulls in check at any rise," said Mustafa Nadeem, CEO, Epic Research.

"IT space is already seeing a selling pressure while a profit booking in metals, banking and auto space has also triggered a fund outflow from domestic equity markets. As per OI data as well we have seen bearish bets towards 9000 - 8950 which can be seen on break of crucial supports as mentioned above. Market will also further wait for global cues and then react to it," he added. 8.44 AM:

Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the USFDA for Dabigatran Etexilate Capsules.